Benefits of Builders Risk Insurance in Brossard
Brossard, a municipality in Quebec, Canada, has a population of over 91,500. As the South Shore commercial hub, Brossard's businesses are primarily located inside Champlain Mall or Place Portobello, along Taschereau Boulevard, or at the Quartier DIX30 lifestyle center. The area has experienced an increase in residential construction over the last several years. Though that is expected to slow as population growth begins to level out, the construction industry should continue its high level of activity in other areas, which calls for protection from builder's risk insurance in Brossard.
The construction sector in the Brossard area has reaped benefits from government investment in infrastructure, public transit, health care and education over the last few years. Projects such as these are not projected to slow in the short term, with a forecast for continued growth in the construction industry.
Local construction employment is expected to include attrition of nearly 10,000 employees and retirement of over 28,000. Companies must focus on recruiting, hiring, and training to satisfy short-term workforce demands as well as to fill these vacancies.
Construction Developers and Owners Insurance
With so many entities under your umbrella at the center of a highly competitive, tightly regulated, and potentially dangerous industry, the level of risk and exposure for building owners and construction developers is multiplied. For this reason, OCIP ("wrap-up") insurance is critical.
Originally intended for construction projects with a cost exceeding $50M, today OCIPs are used as blanket policies for smaller renovation and construction jobs. Our insurance specialists can assist in garnering the best rates and terms, closing coverage gaps and creating a program to meet your unique needs and goals.
Surety Bonds
Nearly two-thirds of issued insurance bonds are created for the construction industry. Construction bonds represent a specific type of surety bond and are used to ensure full payment for construction projects by all involved parties. Our surety experts can leverage their long-standing relationships with top fidelity and surety agencies throughout North America to help meet your needs. We also offer a quick 24-hour turnaround for active accounts. Surety bonds used in construction include the following:
- Bid bonds provide a guarantee that the principal will meet the particular bid requirements.
- Contract bonds, also known as construction bonds, provide assurance that the project will be finished in accordance with the contract terms.
- Maintenance bonds cover workmanship and materials for up to two years following construction completion.
- Payment bonds ensure that subcontractors, laborers, and suppliers will be paid.
- Supply bonds guarantee that the contracted materials for a project are provided by the supplier.
General Contractors Insurance
General contractors have numerous responsibilities in the construction industry, including managing cash flow, maintaining the project schedule, directing skilled labourers and handling delays, changes and disputes. These varied tasks also mean assumption of large amounts of risk. HUB International's experts in the industry can assist with personalized general contractor's insurance to manage the biggest challenges and threats faced daily in the course of hard bidding, designing, building and delivering the finished project.
Subcontractors Insurance
Whether the work is in electrical, masonry, painting, plumbing or roofing, subcontractors have feet on the ground making sure the project is completed correctly. Assuming this level of responsibility brings with it a high degree of risk from worker shortages, change orders, work delays and liability issues. Our experts in subcontractor insurance can provide solutions for the following:
- Employee health and benefits
- Property and casualty insurance
- Surety bonds
Professional Construction Services
When you are in charge of the details of a construction project, everyone from general contractors to owners and developers count on your abilities. Our specialists in professional construction insurance can help you address the associated risk with personalized solutions for the following factors:
- General liability
- Professional liability
- Rectification coverage
Waste Management Insurance
HUB International employs a team of professionals that specializes in assisting waste industry businesses to manage risk and employ best practices. With proprietary systems geared toward the unique risks in the waste industry, we can assist in selecting appropriate limits and deductible structures. Learn more about HUB’s construction insurance offerings!